What is an income statement waterfall?

An income statement waterfall is a bar chart that walks from total revenue down to net income, with each step showing how much a cost or tax line removes (or adds). Subtotals — gross profit, operating income, pre-tax income — are anchored to zero so the cascade reconciles exactly to the bottom line.

How much of Apartment Investment and Management (AIV) revenue becomes net income?

For TTM through Q1 2026, Apartment Investment and Management turned $123M of revenue into $554M of net income — a net margin of 452.1%. The waterfall shows where the rest goes: cost of revenue, operating expenses, non-operating items, and taxes.

What are Apartment Investment and Management (AIV) gross, operating, and net margins?

For TTM through Q1 2026, Apartment Investment and Management reported a gross margin of 53.3%, an operating margin of -22.6%, and a net margin of 452.1%. Each subtotal in the waterfall corresponds to one of these margins.

Why does Apartment Investment and Management (AIV) have such a high (or low) gross margin?

Gross margin (gross profit ÷ revenue) reflects how much of each revenue dollar remains after direct production costs. Capital-light software and platform businesses often show gross margins above 60–80% because their cost of revenue is mainly hosting and support. Hardware, retail, and commodity businesses show lower gross margins because raw materials and manufacturing costs are significant. The waterfall makes this visible at a glance — the size of the "Cost of Revenue" bar relative to Revenue is the gross margin complement.

What is the difference between gross, operating, and net margin?

Gross margin = (Revenue − Cost of Revenue) ÷ Revenue. It measures production efficiency. Operating margin = Operating Income ÷ Revenue. It adds operating expenses (R&D, S&M, G&A) and measures the profitability of core operations. Net margin = Net Income ÷ Revenue. It also includes interest, other income/expense, and taxes, and represents the shareholder take after everything.

Apartment Investment and Management (AIV) Income Statement Waterfall

Revenue

$123M

Gross Margin

+53.3%

Operating Margin

-22.6%

Net Margin

+452.1%

Income statement waterfall for Apartment Investment and Management (AIV) — TTM through Q1 2026

Net income: $554M

Margin breakdown for Apartment Investment and Management (AIV) — TTM through Q1 2026

Line item	Amount	Running total
Revenue	$123M	$123M
Cost of Revenue	-$57.2M	$65.3M
Gross Profit	$65.3M	$65.3M
Operating Expenses	-$92.9M	-$27.7M
Operating Income	-$27.7M	-$27.7M
Other Income / Expense	$17.5M	-$10.2M
Pre-tax Income	-$10.2M	-$10.2M
Tax Benefit	$57.4M	$47.2M
Other Items	$507M	$554M
Net Income	$554M	$554M

Revenue$123M
Cost of Revenue-$57.2M
Gross Profit$65.3M
Operating Expenses-$92.9M
Operating Income-$27.7M
Other Income / Expense$17.5M
Pre-tax Income-$10.2M
Tax Benefit$57.4M
Other Items$507M
Net Income$554M

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Apartment Investment and Management (AIV) Key Financials

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Profitability

Operating Margin-22.6%

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Capital Return

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Operations

Employees100.0

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